TaxConnex

DECEMBER 23, 2021

One of your customers undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. Auditors know that competitors tend to have similar business models and that some industries are more susceptible than others to tax deficiencies.

audit 167

audit Sales Tax auditor 167

Going Concern

NOVEMBER 24, 2023

Generally, taxpayers fall within the contours of reasonable cause if they can show that they exercised ordinary business care and prudence—for example, with respect to a filing obligation or regarding an item claimed on a tax return. Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e.,

auditor 113

auditor audit tax return cpas 113

MyIRSRelief

MAY 15, 2023

What to Expect During an Audit During an IRS or state FTB-CDTFA-EDD tax audit, the tax authority will review your tax return and related documents to ensure that you have accurately reported your income and claimed appropriate deductions and credits.

audit 130

audit Tax auditor tax return 130

MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.),

Tax 147

Tax tax return payroll tax audit 147

ThomsonReuters

MAY 12, 2022

What is a sales tax audit? A sales tax audit determines whether a business has collected and paid the correct amount of sales tax owed to the state for taxable transactions. Auditors examine financial documents and compare total sales revenue with sales that resulted in the collection of sales tax.

audit 105

audit Sales Tax auditor 105

Withum

OCTOBER 19, 2023

If a taxpayer has not received a refund and its claim is under IRS audit, then the taxpayer should prepare the withdrawal request as described above, but instead of faxing or mailing it to the IRS, it should be sent to the IRS auditor handling the audit. Below is a sample of how the request for withdrawal should be prepared.

tax return 126

tax return audit auditor income tax 126

MyIRSRelief

APRIL 22, 2024

Benefits: Expert Guidance: Professionals handle all communication with the tax authorities, reducing the stress of direct dealings. Better Outcomes: Experienced representatives can negotiate more effectively and understand what the auditors are looking for. What Should I Do About Unpaid Back Taxes in Corona, CA?

Tax 130

Tax payroll tax tax return payroll 130

Going Concern

APRIL 1, 2022

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned. That’s one way to go. vice chair for PwC and U.S.

auditor 52

auditor accounting jobs accountant jobs accounts jobs 52

Withum

MARCH 30, 2023

Among other things, the OPR memo reminds tax professionals (TPs) that they must be diligent as to the accuracy of ERC claims and that they should not prepare an original or amended income tax return that claims or perpetuates an improper ERC claim.

tax return 126

tax return income tax auditor audit 126

SMBAccountant

DECEMBER 21, 2022

Auditors provide opinions on the accuracy and reasonableness of financial statements. Tax accountants specialize in IRS law and completion of tax returns. There are different types of accountants which specialize in different areas. Forensic accountants research financial transactions to uncover fraud.

bookkeeping 130

bookkeeping managerial accounting Account accountant 130

TaxConnex

FEBRUARY 6, 2024

Not keeping an up-to-date tax calendar When filing sales tax returns, due dates can include the 7th, 10th, 15th, 20th, 30th and the last day of the month (without considering the odd due dates for certain states). The most common exemption certificate is a resale tax exemption certificate (aka a resale certificate).

Sales 213

Sales Tax Technology auditor 213

FraudFiles

SEPTEMBER 12, 2023

Taxes: You’re guilty until you prove yourself innocent. You have to be able to prove the numbers on your income tax return. If you can’t, the IRS auditor will pick a number and it’s up to you to prove them … That’s the way it works with the Internal Revenue Service.

Tax 52

Tax auditor income tax tax return 52

Going Concern

MARCH 11, 2022

—PwC Becomes Latest Subject of Investigations [ Bloomberg Tax ] Paul Brehony of Signature Litigation LLP looks at the growing number of investigations by the U.K. tax authority into historic audit failures by the “Big Four” firms, and discusses the prospects for success of proposed major reforms to the audit regime.

auditor 91

auditor tax return audit Account 91

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 104

CPA auditor Tax audit 104

TaxConnex

JANUARY 4, 2022

But what about the information in your actual return – do you understand how the data you input is projected onto what you file and remit? You can’t forget that someone needs to connect the dots on your sales tax return before you sign it and send it in – to do anything else invites an eventual visit from the auditor.

tax return 163

tax return Tax Sales Start-ups 163

Going Concern

SEPTEMBER 29, 2023

” The updated version, issued on September 28th, removes problematic language which could be construed as indicating that internal auditors are not inherently trustworthy and unable to exercise due care in the performance of their duties.

auditor 109

auditor audit New York CPA 109

ThomsonReuters

JULY 6, 2023

accountants and auditors have left their jobs in the past two years, a 17% decline. Many corporate roles like financial analyst or internal auditor require experience you already have, so lean into your transferrable skills like bookkeeping, budgeting, forecasting, etc. Why are so many accountants quitting? In one word: yes!

Account 98

Account accountant accounted accounting and finance 98

TaxConnex

DECEMBER 10, 2020

The company has paid nearly $69,000 in restitution for sales tax it collected and failed to pay to state coffers between June 2011 and December 2015. The case was referred to investigators after an auditor found that the business hadn’t filed quarterly sales tax returns or remitted sales tax collected for that period.

Sales 157

Sales Tax Ohio Nebraska 157

Going Concern

SEPTEMBER 25, 2023

The long-running TPB investigation found that Mr Carter lodged false BAS and amendments for unwitting clients and lied about their tax returns and debts that did not exist. He spent $350,000 in client refunds and ATO payments on himself and misappropriated $440,000 intended for share purchases on behalf of clients.

tax preparation 104

tax preparation Gambling Account accountant 104

CPA Practice

OCTOBER 10, 2023

However, as tax regulations become more intricate and audit scrutiny intensifies, the demand for accurate tax preparation continues to grow, adding pressure to tax practitioners. However, today, it struggles to replace those who leave the profession.

Technology 105

Technology accounting firms Account accountant 105

AdviceForTaxpreparers

SEPTEMBER 8, 2020

Issue 3: I am an accounting major, auditor, or I don’t have enough experience in tax to promote the book. Join my LinkedIn group Accounting LIONs to add connections of accounting & tax professionals to your LinkedIn network. Free Tax Staff Guide. Tax Preparers: A Free Program to Stop Losing Important Notes.

tax preparation 246

tax preparation Tax cpa firm CPA 246

TaxConnex

OCTOBER 4, 2022

Your compliance process should start with identifying sales tax nexus and determining taxability of your products and services in those states where you have sales tax nexus. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

Sales 130

Sales Tax tax return Colorado 130

TaxConnex

SEPTEMBER 15, 2022

Once hit by an audit notice, companies often fail to immediately assess their sales tax records and documentation – which in some companies is poorly organized and hard for an auditor to interpret. Documentation typically required can include invoices, exemption certificates , summary reports, tax returns and more.

audit 162

audit Sales Tax auditor 162

Withum

OCTOBER 3, 2023

The IRS was already on heightened alert for improper ERC claims, and IRS auditors are already working these cases on expedited timelines. Recall that the ERC is taxable by way of expense disallowance – taxpayers are required to amend their 2020 and 2021 federal income tax returns to reduce the expenses that gave rise to their ERC claims.

income tax 122

income tax audit tax return Tax 122

CPA Practice

APRIL 9, 2024

Bureau of Labor Statistics estimates employment of accountants and auditors to grow by about 4% each year through 2032, with an annual number of job openings expected to be about 126,500. Consider the steps many firms took between completing a tax return for their client and eFiling. The number of graduates in the U.S.

cpa firm 122

cpa firm CPA Technology Legal 122

TaxConnex

JUNE 27, 2023

Sales Tax Software: Pros: Cost-Effective: Sales tax software typically offers a more affordable solution compared to hiring a service provider, especially for small businesses with limited budgets.  Flexibility and Control: With sales tax software, you have the flexibility to manage and file your sales tax returns on your own terms.

Sales 130

Sales Tax auditor tax return 130

Withum

AUGUST 2, 2023

The panel discussed various ERC eligibility criteria and key areas of compliance, including the exclusion of certain employees from the definition of qualified wages, the requirement to reduce wage expense on amended income tax returns for the ERC, and the interaction between the ERC and other grant programs/tax credits.

audit 96

audit auditor income tax tax return 96

TaxConnex

APRIL 11, 2023

Not having good paperwork - Once hit by an audit notice, companies often fail to immediately assess their sales tax records and documentation – which in some companies is poorly organized and hard for an auditor to interpret. Missing documentation complicates an audit and may cause penalties that you may not in fact owe.

audit 130

audit Sales Tax auditor 130

Withum

JANUARY 24, 2023

Establish Expectations and an Open Line of Communication With Your Auditor Communication can make or break an audit. Make it a priority to answer all emails and phone calls from your auditor in a timely manner. Auditors can only work as quickly as the requested information is provided.

audit 69

audit auditor general ledger cpa firm 69

Withum

JANUARY 25, 2024

They will have reviewed the business’s and its owners’ tax returns. In short, you’re not talking your way past the auditor. The FA must be aware that the analysis can open new issues to the State(s) for underreporting trust fund taxes.

forensic accounting 78

forensic accounting audit Account accountant 78

CPA Practice

APRIL 19, 2023

According to Caseware’s 2023 State of Accounting Firms Trend Report , more than 90% of accountants and 95% of auditors find hiring skilled talent challenging. Everything was handled by a CPA, from collecting client documents to doing the work and delivering the tax return, financial statements or other work products.

Technology 123

Technology CPA tax return auditor 123

Going Concern

SEPTEMBER 1, 2023

Audit Battle lines drawn over auditors’ role in combating fraud [ AccountancyAge “Patisserie Valerie pushed the issue of auditor responsibility [for fraud detection] to the fore after so many accounting scandals. Despite receiving the completed and accurate tax returns from the accounting firm, Patrick did not file them with the IRS.

Account 109

Account accountant accounted audit 109

Going Concern

MARCH 21, 2023

The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. If you’ve been on an audit or prepared a tax return and at some point thought “a monkey could do my job,” you weren’t far off. However, compared to ChatGPT, their AI abilities are a toddler learning to walk.

Account 113

Account accountant accounted tax return 113

Going Concern

FEBRUARY 9, 2024

IRS warns tax professionals to be aware of EFIN scam email; special webinars offered next week [ IRS ] The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns.

Technology 102

Technology Colorado audit cpa firm 102

Going Concern

OCTOBER 20, 2023

Investigators say Williams’ work came under suspicion when the Louisiana Legislative Auditor and an independent auditor were unable to reconcile his reports on the court’s finances for the year 2020. Many records and documents requested by auditors were not provided by Williams and had been transferred to his personal laptop.

CPA 109

CPA quickbooks auditor Real Estate 109

Going Concern

MARCH 25, 2022

I would have thought that accountants would be seen as boring, but effective and the perfect person to do a good job on your tax return,” Wijnand Van Tilburg, a study co-author and senior lecturer in the university’s psychology department, said in a statement last week. Louis worked as a Tax Examiner for the IRS from 1985 to 1994.

tax return 52

tax return audit auditor cpas 52

Going Concern

JUNE 9, 2023

More is being asked of accountants, auditors and financial service providers than ever before. Ever-changing tax legislation and standards add ongoing complexity to the profession. Susan stated that McCreath’s work ethic slowed down during the pandemic after being tasked to complete tax returns for clients.

audit 103

audit auditor Virginia accounting and finance 103